Eternity Law International News Cryptocurrency Market Inspection

Cryptocurrency Market Inspection

March 7, 2018

The SEC – The US Securities and Exchange Commission has initiated massive audits of the cryptocurrency business. The Wall Street Journal published this information.

The source, who wished to remain anonymous, reported that the commission’s representative sent an official request to many companies active in cryptocurrencies in the United States virtual market. The agenda states that all firms are should provide data on the method of implementation and mediation in the ICO.

It is these data that cannot fall under the category of “placement of securities”. Before the inspection the officials of the commission sent out many notices to the above companies. The letter says that the implementation of tokens may violate some laws.

J. Clayton, chairman of the commission, personally promised to conduct a thorough examination of all firms that raise additional capital. He believes companies are counting on skyrocketing growth in virtual currencies. Earlier, the commission has already carried out checks in similar companies, negatively affecting their work.

Dan Gallagher, a spokesman for Symbiont, believes this is just the tip of the iceberg. According to him, we are talking about total monitoring of the virtual currency market.

While the US Stock Exchange and Central Bank Commission is suspicious of virtual money, state-level laws will try to reduce market control. An example of this was Wyoming, where senators are submitting for consideration a bill that can totally exclude cryptocurrency from the databases for calculating property taxes.

In Georgia and Arizona, bills have been proposed, thanks to which taxes can be paid using tokens.

The regulator may also accept a relaxation of regulation for existing ICOs.

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